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Drama as South African University student receives $1m loan by mistake

Walter Sisulu University in South Africa is investigating how a student was mistakenly given a 14m rand ($1m; £770,000) loan.

The error became known after an image of a receipt showing the student's account balance was widely shared on social media and a spokesperson for the university, Yonela Tukwayo accused the student of spending some of the money on a "lavish lifestyle".

The student, who has not been named, said she reported the mistake and she has also been quoted saying that she has returned the money but the university insists that the student will be "liable for every cent".

According to reports, South African students receive loans, to cover textbooks, accommodation and food, through the National Student Financial Aid Scheme (NSFAS), and the money is meant to be paid back after graduation. So In theory, a student should only be able to spend it using a special card at designated shops.

NSFAS has blamed the university for the error. In a statement issued on Twitter it said that it gives all the money to be paid to students to the university, which then passes it on. "When a mistake occurs in these processes, it is in the hands of the university," NSFAS said.

Drama as South African University student receives $1m loan by mistake
Reviewed by Nduaguba Christian
on
August 31, 2017
Rating: 5